Shiba Inu (SHIB) Burn Rate Soars Over 1500% Propelling Significant Investor Optimism

Shiba Inu burn rate once again propelled significant investor optimism by gaining over 1500% on Monday. The latest burn metrics signaled that roughly 13 million coins were ditched from the crypto's circulating supply intraday.

In a remarkable turn of events, Shiba Inu (SHIB) coin’s burn rate witnessed a staggering surge of over 1500 percent on Monday.

As the latest burn metrics revealed, approximately 13 million coins were removed from the cryptocurrency’s circulating supply.

Following this development, traders and investors are now eagerly anticipating potential price gains amid a reduced token supply.

Moreover, bullish sentiments are expected to escalate further as a top analyst anticipates a rally in SHIB price towards the $0.000081 level.

Shiba Inu Burn Rate Soars Over 1500 Percent

According to a recent X post by the official tracker Shibburn, Shiba Inu’s burn rate soared by 1547.97 percent in the past 24 hours. This massive upswing can be primarily attributed to 13.29 million tokens being burnt.

For those unfamiliar, the token burn mechanism permanently reduces the asset’s supply by sending coins to a null address.

Upon closer examination, it was discovered that the wallet address 0x541f60e5576764 was responsible for the significant surge in burning activity. As per the data, this address alone burnt 12.13 million tokens.

Furthermore, examining the weekly SHIB burn statistics reveals that a staggering 527.54 million tokens were permanently removed from the circulating supply, as reported by Shibburn on X. This reduction in supply contributed to a 465.59 percent spike in the weekly SHIB burn rate.

In summary, the substantial reduction in supply is expected to benefit the coin’s price in accordance with market equilibrium principles.

What Is Shiba Inu's Current Supply?

As of press time, Shiba Inu’s circulating supply stands at 584.34 trillion tokens. To date, a whopping 410.72 trillion tokens have been burnt, significantly impacting the coin’s supply.

Can Price Rally 500 Percent Amid Constant Supply Reduction?

At the time of reporting, SHIB coin’s price rose 2 percent and traded at $0.00001328. The meme coin hit lows of $0.0000126 and highs of $0.00001378 in the past 24 hours.

The current price upswing aligns with the recent surge in Shiba Inu’s burn rate. Additionally, with the weekly burn data being included, the coin’s price has risen nearly 8 percent in the past seven days.

Traders and investors are displaying strong optimism for SHIB at present, as its price shows signs of recovery following a recent downturn.

In tandem, market analyst ‘Javon Marks’ took to X to highlight that a breakout target at the $0.000081 level remains unchanged.

According to the analyst, SHIB price continues to maintain its breakout, which occurred in late 2022/early 2023. As long as this price breakout persists, we can expect a potential return to the $0.000081 price target.

The analyst’s target represents a +500 percent increase from current price levels. Meanwhile, the meme coin has retested and formed a hidden bullish divergence in broader time frame charts, indicating potential for an upcoming price pump.

Moreover, data from Coinglass reveals a 3.11 percent surge in the meme coin’s futures OI, reaching $122.64 million. The derivatives market volume also shot up by a whopping 338.45 percent to $167.71 million.

This data underscores burgeoning market interest in the asset, further fueling optimism for future price prospects amid the massive SHIB burns.